#1Stora Enso ESG Investor presentation Q4 2021 28 January 2022 storaenso THE RENEWABLE MATERIALS COMPANY#2Disclaimer It should be noted that certain statements herein which are not historical facts, including, without limitation those regarding expectations for market growth and developments; expectations for growth and profitability; and statements preceded by "believes", "expects", "anticipates", "foresees", or similar expressions, are forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Since these statements are based on current plans. estimates and projections, they involve risks and uncertainties which may cause actual results to materially differ from those expressed in such forward-looking statements. Such factors include, but are not limited to: (1) operating factors such as continued success of manufacturing activities and the achievement of efficiencies. therein, continued success of product development, acceptance of new products or services by the Group's targeted customers, success of the existing and future collaboration arrangements, changes in business strategy or development plans or targets, changes in the degree of protection created by the Group's patents and other intellectual property rights, the availability of capital on acceptable terms; (2) industry conditions, such as strength of product demand, intensity of competition, prevailing and future global market prices for the Group's products and the pricing pressures thereto. price fluctuations in raw materials, financial condition of the customers and the competitors of the Group, the potential introduction of competing products and technologies by competitors; and (3) general economic conditions, such as rates of economic growth in the Group's principal geographic markets or fluctuations in exchange and interest rates. storaenso 2 28 January 2022 Stora Enso ESG investor presentation THE RENEWABLE MATERIALS COMPANY#33413 storaenso A dual challenge • Needed: a balancing act of global wellbeing of the planet and people • Stora Enso can, and will, provide solutions that contribute to this balance • We need to consider what the world needs and focus our resources and innovation on what makes the biggest difference 3 28 January 2022 Stora Enso ESG investor presentation THE RENEWABLE MATERIALS COMPANY#4We are a solution for consumers' new demands Everything that's made with fossil-based materials today can be made from a tree tomorrow Sustainable development is at the heart of our business strategy 4 28 January 2022 Stora Enso ESG investor presentation storaenso THE RENEWABLE MATERIALS COMPANY#5Sustainable development goals - the roadmap to 2030 guides our actions • storaenso CO₂ Upgraded Science Based Target Circular Products and value chains Aligned with a 1.5-degrees. scenario Scope 1, 2 & 3: 50% absolute reductions (2019 baseline) • Circular Design Guidelines by 2025 100% of our products recyclable by 2030 Biodiversity Expanding scope and actions Detailed action plan towards 2030 • Active biodiversity management with >15 indicators SCIENCE BASED TARGETS DRIVING AMBITIOUS CORPORATE CLIMATE ACTION 5 28 January 2022 Stora Enso ESG investor presentation THE RENEWABLE MATERIALS COMPANY#6Climate change storaenso THE RENEWABLE MATERIALS COMPANY#7Stora Enso's annual estimated climate impacts CO2 CO2 Our forests remove carbon¹ -1.5 million tonnes of CO2 Our products store carbon -2.6 million tonnes of CO₂e CO₂ $$ CO2 CO2 storaenso Our value chain emissions² +10.5 million tonnes of CO2e Our products substitute fossil-based products, saving -17.9 million tonnes of CO₂e Climate impact³ -11.5 million tonnes of CO2e 1) Estimated net annual carbon sequestration in own and managed forests and plantations, which provide about 30% of our wood use. Excludes purchased wood. Third-party owned forests that provide Stora Enso's purchased wood are estimated to have an additional net carbon sequestration of -5 million tonnes of CO2 annually. 2) Fossil CO2 emissions in 2019 including direct emissions from our operations, emissions from purchased energy as well as emissions from other sources along our value chain (Scope 1, 2, and 3). Calculated based on the guidance provided by the Greenhouse Gas Protocol. 3) Negative value indicates a net removal from atmosphere. Calculated by the Swedish University of Agricultural Sciences (SLU) in 2020 based on Stora Enso's production, forest and wood use, and emission figures in 2019: Climate effects of a forestry company - including biogenic carbon fluxes and substitution effects. 7 28 January 2022 Stora Enso ESG investor presentation THE RENEWABLE MATERIALS COMPANY#8Climate change - targets to reduce CO2 emissions by 50% SCIENCE BASED TARGETS DRIVING AMBITIOUS CORPORATE CLIMATE ACTION 8 28 January 2022 Stora Enso ESG investor presentation storaenso • Stora Enso has science-based targets to reduce its greenhouse gas (GHG) emissions. • Our target is to reduce absolute scope 1 and 2* greenhouse gas (GHG) emissions from operations by 50% by 2030 from the 2019 base- year, in line with the 1.5-degree scenario • Stora Enso is also committed to a target to reduce scope 3* GHG emissions by 50% by 2030 from the 2019 base-year *Scope 1: Direct fossil CO2e emissions from production. Scope 2: indirect fossil CO2e emissions related THE RENEWABLE MATERIALS COMPANY to purchased electricity and heat. Scope 3: Emissions from other sources along our value chain.#9CO2 emissions down by 14% in 2021 storaenso SCIENCE BASED TARGETS DRIVING AMBITIOUS CORPORATE CLIMATE ACTION • Ambitious targets for our operations • Targets in line with 1.5-degree scenario • In FY2021, our greenhouse gas emissions (scope 1 and 2) were 14% lower compared to the 2019 base year level Q4 2021 Interim Report 31 Dec 2021 30 Sep 2021 31 Dec 2020 Target Target to be reached by -14% -14% -13% -50% 9 1 Reduction of fossil CO2e emissions (tonnes), % end of 2030 Direct fossil CO₂e emissions from production and indirect fossil CO₂e emissions related to purchased electricity and heat (Scope 1 and 2). Excluding joint operations. Rolling four quarters. 28 January 2022 Stora Enso ESG investor presentation THE RENEWABLE MATERIALS COMPANY#10Our products have a lower carbon footprint Carbon footprint of lignin is around 80% lower than the carbon footprint of phenol CO₂ emissions of a CLT-frame building are 75% lower compared to a concrete frame building PureFiber™ has 75% lower CO₂ footprint compared to plastic or bagasse Fibre-based beverage carton has 45% lower CO2 emissions than a PET plastic bottle 10 28 January 2022 Stora Enso ESG investor presentation ORGANIC CARROT JUICE 0,5 L Open here storaenso THE RENEWABLE MATERIALS COMPANY#11Biodiversity storaenso THE RENEWABLE MATERIALS COMPANY#12Biodiversity - committed to achieve net-positive impact on biodiversity • Stora Enso commits to achieving a net-positive impact on biodiversity in its own forests and plantations by 2050 through active biodiversity management • • A set of actions towards 2030 has been developed and initiated to improve biodiversity at species, habitats and landscapes levels To achieve this, we are focusing on - Active and adaptive biodiversity management, using our own forest as development platform - Indicators (>15) to holistically measure the state of biodiversity and the quality of our work – Biodiversity knowledge sharing with forest owners and other key stakeholders - Online reporting on Stora Enso website during 2022 12 28 January 2022 Stora Enso ESG investor presentation storaenso THE RENEWABLE MATERIALS COMPANY#13Sustainable forestry operations 100% of our wood comes from sustainable sources 87%* comes from managed semi- natural forests 99% of lands owned and managed by us are covered by certification 78%* proportion of third-party certified wood in wood supply CO Sustainable forestry operations help safeguard forest health and biodiversity 13 28 January 2022 Stora Enso ESG investor presentation *To be updated when Annual Report 2021 is published on week 6 10100#14Biodiversity management practices in Nordic forests Biodiversity management practices in tree plantations. improve local hos andre ponation as an important Mosaic landscape Protection of systems and s and wa ished only Monitoring of of native oyste Mutiple land-une such as caffe gang and collection of nee-be for products inprotected their auth Redding and sprin Having so prepation and road bulding are pared to meses are Protecting biodiversity We ensure that forests grow more than they are harvested, and that biodiversity is an integral part of everyday forest management. Decaying wood Decaying wood provides an important habitat for a wide variety of forest species. High stumps During harvesting, we make artificial snags to increase the amount of deadwood. Retention trees Provide continuum of decaying wood for forest species, such as birds who need it for nesting. Protection of valuable sites In forest management planning, we identify and protect ecologically and culturally valuable sites. Forest structure Variation in forest structure helps to maintain species and habitat diversity. storaenso 14 28 January 2022 Stora Enso ESG investor presentation Controlled burning Creates suitable habitats for many fire-dependent species and enhances forest regeneration. Soil and water protection Harvesting, soil preparation and road building are planned to minimize adverse impacts to soil and water. Buffer zones Protect watercourses, connect and provide habitats for forest species and improve visual quality of the managed landscape.#15Biodiversity management practices in tree plantations Biodiversity management practices in Northem forests Decaying wood arty of fit During harising Suffer zones Controlled burning tally of the managed skorajo Protecting biodiversity Plantations are designed and managed in local land-use context. Landscape typically consists of a mosaic of areas for both intensive wood production and biodiversity conservation. Beekeeping improve local livelihoods, help protecting the environment and enhance pollination as an important ecosystem service. Mosaic landscape Plantations are designed to protect valuable ecosystems and established only on degraded lands. Ecological corridors connect and provide habitats for native species. Restoration of native ecosystems by preventing disturbance and planting native species. Monitoring of flora and fauna to collect information on developments in the local habitats. Protection of valuable ecosystems such as remaining natural forests and wetlands. 15 28 January 2022 Stora Enso ESG investor presentation Multiple land-use such as cattle grazing and collection of non-timber forest products. Reintroduction of native species in protected areas Into their natural habitat. Roadbuilding and soil preparation Harvesting, soil preparation and road building are planned to minimize adverse impacts to soil and water. storaenso#16We use indicators at landscapes, habitats and species level storaenso Landscape level: Cohesive green infrastructures are needed to support abundance and dispersal of many species. Indicators • Area of old forest • · Forest age class distribution • 16 Protected set-aside areas Tree species composition (%) 28 January 2022 Stora Enso ESG investor presentation Habitat level: A variation of different habitats with relevant structures are required for a thriving forest biodiversity. Indicators Deadwood volume in different stages of decomposition, standing and lying on the ground in both sun exposed and shadowed environments Large old trees, mainly deciduous but also coniferous species Species level: The occurrence and abundance of species reflects biodiversity. Since it is difficult to monitor all species, we focus on those who can indicate or signal the presence of other ones. Indicators • Monitoring of selected species, both rare and endangered ones and more common ones THE RENEWABLE MATERIALS COMPANY#17Group forest assets fair value increased to €8 billion equal to €10.10 per share in 2021 Group forest assets fair value € billion Stora Enso productive forest land areas at end of 2021 7.3 Q4/2020 17 28 January 2022 Stora Enso ESG investor presentation 8.0 Q4/2021 Swedish forests 1,141,000 ha Tornator (41%) Finland, Estonia & Romania 271,000 ha Group's total productive land ownership was 1,617,000 ha at the end of 2021 Veracel (50%) Brazil 47,000 ha Montes del Plata (50%) Uruguay 90,000 ha storaenso Guangxi, China (leased) 68,000 ha THE RENEWABLE MATERIALS COMPANY#18Circularity storaenso THE RENEWABLE MATERIALS COMPANY#19Circularity target to support climate change • Our target is to achieve 100% recyclable products by 2030 • Flagship projects will help drive recycling at scale - This involves engagement along our value chain to help achieve additional recycling. infrastructure and new circular business models • Our circularity target outlines the commitment to transparent and circular material flows that help minimise waste and combat climate change 19 28 January 2022 Stora Enso ESG investor presentation#20Offering renewable and circular products Fr Efficient and sustainable production CO OD Products with a low footprint Sustainable forestry (CO₂ Renewability circle Circular design Wood Seedlings Recycling circle Ecosystem services 20 28 January 2022 Stora Enso ESG investor presentation ot CO2 absorption Value from circularity Secondary products storaenso Value to consumers and society THE RENEWABLE MATERIALS COMPANY#21What circularity means in packaging? • Circularity means products that are optimised for recycling • We work together with our customers to find the best renewable and designed-for-circularity materials to replace fossil-based packaging . We innovate to create new high value end-uses for recycled fibre • We drive collaboration with our customers and the entire value chain to improve recycling opportunities 83% of paper and board is recycled in Europe 21 28 January 2022 Stora Enso ESG investor presentation Iloa & onnea#22Responsible business practices storaenso THE RENEWABLE MATERIALS COMPANY#23Our business impacts people >100,000 forest owners CO2 >20,000 suppliers The Stora Enso Code Our Human Rights Policy & Guidelines Supplier Code of Conduct Supplier assessments and audits ווי NPS storaenso communities Speak Up Hotline Community consultations FPIC Community investment 23 28 January 2022 Stora Enso ESG investor presentation >22,000 employees Business Practice Policy Safety standards and safety reporting Minimum requirements for labour conditions Diversity and inclusion. *To be updated when Annual >10,000 customers Report 2021 is published on week 6 THE RENEWABLE MATERIALS COMPANY#24Committed to ensure a safe and healthy workplace • The health and safety of Stora Enso's employees is a key priority • Goal is to provide an accident free and inclusive workplace • TRI* rate in Q4 2021 was 5.5 - Group safety milestone (4.0) for 2021 was not reached - The areas for improvement are being addressed in the strategic Safety Roadmap from 2021 • Covid-19 impacts on employees and contractors remained stable and under control during Q4 *Total recordable incident rate = number of incidents per one million hours worked 24 28 January 2022 Stora Enso ESG investor presentation#25- Sustainable sourcing – above target in 2021 • We ensure that our suppliers are committed to high sustainability standards • Stora Enso has a rigorous supplier approval process - 96% of our supplier spend is covered by signed Supplier code of conduct, SCoC (Q4 2021), while target is 95% • We engage with suppliers to help them address sustainability topics Our process for responsible sourcing Risk assessments and audits can be conducted prior to pre-qualification and at any stage of the supplier contract. CAP follow-up and supplier development TĪT Risk assessment Pre-qualification for new suppliers* Specify business need Tender Contract Q4 2021 Interim Report 31 Dec 2021 30 Sep 2021 31 Dec 2020 Target % of supplier spend covered by the Supplier Code of Conduct¹ 96% 96% 96% 95% * Not all pre-qualified suppliers enter our sourcing process. 1 Excluding joint operations, intellectual property rights, leasing fees, financial trading, government fees such as customs, and wood purchases from private individual forest owners. 25 28 January 2022 Stora Enso ESG investor presentation Sustainability criteria in tenders storaenso Audit and corrective action plan (CAP) THE RENEWABLE MATERIALS COMPANY#26Community investment - engaging with numerous local communities around the world • Our operations are often in rural communities that form an important stakeholder group • We strive to maximise our positive contribution through investments in - Capacity building, local sourcing, nature conservation, agroforestry • We manage our community impacts with - Due diligence and impact assessments - Responsible restructuring Voluntary community investment by investment area¹ Other 1% Emergency relief 4% Education 14% IITICIILL 26 28 January 2022 Stora Enso ESG investor presentation ✓ ✓ III storaenso Resilient local communities² 76% III 1. Environment 5% 1 Total community investment including cash, working hours, and in-kind as defined in the B4SI framework. Including 50% of joint operations Veracell in Brazil and Montes del Plata in Uruguay. 2 Resilient local communities include B4SI framework areas of Economic development, Social welfare, Healthy lifestyle and Arts and Culture. 1) To be updated when Annual Report 2021 is published on week 6 THE RENEWABLE MATERIALS COMPANY#27Water - using natural resources with care 27 28 January 2022 Stora Enso ESG investor presentation storaenso . Water availability is a global challenge and plays a central role in our production - We constantly strive to reduce its use • Almost 97%* of the water we withdraw from nature is . released back to the environment - We ensure the water is purified and safe - Water is recycled within the site where feasible, reducing the need for water intake Production at Stora Enso's sites requires large amounts of water - Only around 3%* is consumed in our production processes • Our objective is to drive down the total water withdrawal per saleable tonne at our board, pulp and paper sites *To be updated when Annual Report 2021 is published on week 6 THE RENEWABLE MATERIALS COMPANY#28Sustainability in our funding and reporting Revolving Credit Facility with a green aspect Pricing incudes sustainability component based on ability to reduce greenhouse gas emissions gco. Green Bond Framework A loan-format to support sustainability-focused fixed income investors and to report environmental impacts Green Bonds Integrated sustainability agenda to our funding by using Green Bond Framework storaenso ii Sustainable Finance strategy The aim is to influence and develop the financial markets and to secure funding partners with sustainability agenda Climate-related financial disclosure CFO support for better disclosure of climate risks and opportunities based on recommendations by the Financial Stability Board's Task Force on Climate-related Financial Disclosures (TCFD) Integrated reporting The World Business Council for Sustainable Development (WBCSD) Redefining Value Board and programme: work on international reporting frameworks, materiality assessment standards, and data assurance methodologies 28 28 January 2022 Stora Enso ESG investor presentation THE RENEWABLE MATERIALS COMPANY#29EU Taxonomy is still in its early days 29 28 January 2022 Stora Enso ESG investor presentation storaenso • Forest industry and its main products are largely out of the scope of the EU Taxonomy • Therefore, only a few relevant economic activity categories to report on - The most relevant categories for Stora Enso are forest management in its own forests, manufacturing of wooden-based materials and components for improving buildings' energy efficiency, and bio-based electricity and heat sales. Proportion of taxonomy eligible activities Turnover CAPEX OPEX 5% 4% 6% THE RENEWABLE MATERIALS COMPANY#30Our leading performance in ESG is recognised (ESG rating agencies in alphabetical order) + CDP DISCLOSURE INSIGHT ACTION PLATINUM Top 1% 2021 ecovadis Sustainability Rating • • Climate A-*, Forest A- and Water B MSCI ESG RATINGS CCC B BB BBB storaenso Highest recognition level (Platinum) received SUSTAINALYTICS a Momingstar company AAA A AA AAA RATED • ESG rating increased from AA to AAA (highest possible score) • ESG rating improved. from 19.6 to 18.0** out of 40.0 FTSE Russell • ESG rating increased from 4.1 to 4.2 out of 5.0 Transition Pathway Initiative • Top-ranked in both management quality and carbon 30 • SOCIAL ISS QualityScore Highest Rating By INSTITUTIONAL SHAREHOLDER SERVICES ENVIRONMENTAL ISS QualityScore Highest Rating By INSTITUTIONAL SHAREHOLDER SERVICES 28 January 2022 ESG QualityScore highest possible score in Social & Environment Stora Enso ESG investor presentation VigeoEiris*** • ESG rating improved from 68 to 73 out of 100 *Ongoing appeal process for Climate **0 being the highest possible score ***V.E. part of Moody's ESG solutions THE RENEWABLE MATERIALS COMPANY#31THE RENEWABLE MATERIALS COMPANY